Statement re Dispute with Greencastle

14 April 2021

Iconic Labs Plc ("Iconic Labs" or the "Company")

Dispute with Greencastle Acquisition and others and investigation of former directors' conduct

Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, announces that it has received (i) a statutory demand served by Greencastle Acquisition Limited for an amount (£58,668) alleged to be comprised of various sums assigned by John Quinlan, Liam Harrington and Samuel Regan Asante (the "Former Directors"), David Sefton, Matthew Vincent and Chris Pye less amounts owed by Greencastle entities to Iconic, including a £1,000,000 loan and management services fees; and (ii) a letter of demand from David Sefton claiming the amount of £256,676, allegedly comprising certain unpaid invoices. Such claims, which the Company believes are wholly without merit, will be vigorously defended by the Company in their entirety.

The Company has today sent a pre-action letter to Greencastle Acquisition Limited, Greencastle MM LLP, Greencastle Capital Limited, Linton Capital LLP and David Sefton, outlining a number of serious wrongdoings, including breaches of duty. Should the Company not receive a satisfactory response, the Company intends to issue proceedings in the Commercial Court in London.

The Company has also appointed forensic accounting and legal experts to assist with its investigation into further allegations of wrongdoing against the Former Directors and David Sefton.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

For further information, please visit the Company's website www.iconiclabs.co.uk or contact:

Iconic Labs [email protected]